Bitcoin price (BTC/USD) holds above $5,100 in Monday trading

Bitcoin price (BTC/USD) holds above $5,100 in Monday trading

The Bitcoin price (BTC/USD) has reclaimed the $5,150 mark following some solid performance in recent trading.

Having opened at $5,095.76 on Sunday, the original cryptocurrency experienced a slight drop during the early hours of the session, with its price falling to as low as $5,053.57. The coin picked up in subsequent trading, which allowed it to return to the positive territory. BTC finished the day at $5,167.72, according to data from digital currency tracker Coinmarketcap.

Bitcoin started the Monday session strongly, rising to a four-day high of $5,196.61 in early trading. The coin’s rally has seemingly run out of steam in subsequent trading and its price has pulled back to lower levels. At the time of writing, the Bitcoin price was hovering around the $5,160 mark.

While BTC has managed to recover from its drop to sub-$5,000 levels that happened on Friday, the coin is still well below its 2019 high that was reached last week. In addition, the coin has seen significant decline in trading volume. Bitcoin posted a daily volume of $10.4 billion yesterday, which was significantly lower than the $13.7 billion generated on Friday. BTC averaged over $20 billion in trading volume during its two-day rally in early April that led to the coin’s reclaiming of the psychological $5,000 level.

According to a recent technical analysis from industry website Coinmarketcap, this “bearish volume divergence” is one of the factors that have hindered Bitcoin’s recent rally. The online publication also pointed to overbought conditions that developed as a result of the early April rally.

In today’s trading, the Bitcoin price stood at $5,159.23, as of 13:39 BST. The digital coin has gained 1.3% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $91 billion, which represents 51.9% of the combined value of all digital currencies.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.

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